Brand Journalism: a Value-generating technique
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The document discusses the significance of brand journalism as an innovative communication approach that allows companies to engage their stakeholders effectively through tailored content. It highlights how the rise of new telecommunication technologies facilitates direct, transparent dialogue between companies and their audiences, while emphasizing the importance of creating valuable content that resonates with stakeholders. Additionally, it explores the challenges and principles surrounding brand journalism, such as maintaining honesty and prioritizing content over media relations.
Brand Journalism: a Value-generating technique
- 1. Multichannel and multistakeholder have turned into buzz words because among other benefits they urge companies to know more about their stakeholders and break them down into groups by information channels that they use. This allows companies to adjust their messages to each group and create a unique dialogue with each group. In the search for improved communication with their stakeholders, organizations sooner or later realize that the most efficient and optimal way of transmitting messages is the new approach that came to be known as “brand journalism”. If this technique is implemented, it enables the company to maintain dialogue with different stakeholders. This “tool” or new reality started developing with the arrival of new telecommunication technologies, which gradually erased the communication gap, both in terms of distance and in terms of time. The Internet is a free and open space for everyone who needs to access information or to initiate an interactive discussion with the global audience. One of the key benefits enjoyed by companies in this process is low communication cost. Content as a Factor of Differentiation In order to take advantage of the platforms available online, brands are adapting techniques that had traditionally been used solely by the communication media. Besides, they develop narratives that fuse rational and emotional elements. Therefore, brand journalism is defined as creation of a company’s own information channels which help to establish a personal and direct contact with the stakeholders and even turn them from passive recipients of information into active interlocutors. This means that traditional media is losing their grip and turn into intermediaries when it comes to transmission of messages and informing stakeholders about issues related to organizations. Mario Tascón, Founding Partner of Prodigioso Volcán, claims that companies have turned into a new communication medium, and believes that the main challenge for them is to ensure reliable, sincere and transparent communication. Moreover, this source of communicationisquiteeffectivebecauseitencourages transparency, ethics and responsibility in companies. The processes of brand creation, development and positioning have changed a lot due to the changes in the environment. At the same time, the public and stakeholders grow increasingly diverse, active and omnipresent. This multifaceted reality gave rise to multiple channels that people use to access information and interact. In this context, the most important challenge is to find the right meeting point between the brand and the stakeholder. Strategy Documents I61/2015 Brand Journalism: a Value–generating Technique Communication Insights & Trends This document was developed by Corporate Excellence – Centre for Reputation Leadership and among other sources contains references to the presentations of Mario Tascón, Founding Partner of Prodigioso Volcán and Iván Pino, Communications Director of Llorente&Cuenca, made during the BEO 2014 workshop held in the office of Corporate Excellence in February 2014.
- 2. Insights & Trends 2 Brand Journalism: a Value-generating Technique On the other hand, in order to make the most of this practice, a company should understand the vital importance of the content. It is essential to make sure that stakeholders consider messages valuable and feel encouraged to voluntarily share them with their friends, family members and all persons and institutions they are linked to. This implies being inventive about new interesting formats that attract and impact stakeholders, and, above all, that are able to be self-promoted and to acquire prosumers. Since we are immersed in the economy of attention, content should add value and differentiate the company. In any case, the goal is to ensure that different stakeholders identify themselves with the values promoted by the company and invest their time into reading, talking about and sharing the content created by the brand. In fact, one of the techniques that is gaining in popularity at the moment is co- creation of messages (as well as other kinds of content and resources) together with the organization. This helps to make the content truly relevant and turns stakeholders into a medium of their own. In this process of brand transformation, it is important to understand that in terms of format, content and objectives, brand journalism is different from marketing,advertisingandpropaganda.Thedifference is that brand journalism does not aim specifically to sell, convince or manipulate. On the contrary, the idea is to make the dialogue transparent and nurture interest, creating spaces, experiences and common values. The real objective is to grow intangible assets such as exposure, reputation and branding. Positive perception of the company by the public then naturally leads to an increase in sales. However, there is certain ambivalence about the term brand journalism. When used separately, the terms brand and journalism point to completely different functions. Although some professionals claim that brands cannot and shouldn’t do any journalism, Communications Director of Llorente & Cuenca Iván Pino believes that corporate communication has always used the benefits of journalism in order to make its messages more credible. There are some good examples of brand journalism, such as Red Bull’s Stratos project. The brand positioned itself as a reference point not only in terms of content, but also in terms of media exposure. The stratospheric jump performed by Felix Baumgartner was broadcasted in real time by the brand itself. The project is coherent with the overall narrative maintained by the brand, and surely embodies its slogan “Red Bull gives you wings”. Therefore it is clear that when this new communication channel is used in such a unique and experimental way, brand content will automatically be promoted without further effort. Manyglobalbrandshavealreadydiscoveredthegreat potential, opportunities and advantages offered by brand journalism, and are beginning to implement this technique as a new element of communication with their stakeholders. One of such companies that are trying to transform its communication strategy is Unilever, the multinational giant that sells food, personal care and cleaning items. The company concluded an agreement with the British daily The Guardian, according to which the journalists will share their knowledge and sexpertise with the brand in order to create portals with relevant and unique content and references to the company’s product range as well as the sectors, groups and objectives related to the brand. While the mass media industry is going through a severe crisis and a deep transformation, new links, mergers and business models and being formed. These models distance themselves from one-way conventional advertising, making clear that innovation is the approach that enables these two actors to create a relationship that will yield mutual benefits and lead them in the right direction. Conclusion: the Hypothesis and Principles of Brand Journalism Llorente&Cuenca published a report titled Brand Journalism and Corporate Reputation, which highlights the ambiguities and challenges associated with these concepts. The report breaks its analysis of brand journalism down into six hypotheses: 1. Own media should be used and other media should be avoided: this allows a company to be honest with its stakeholders. 2. Emphasis should be made on reputation rather than media exposure. 3. In the course of creating messages, a clear line should be drawn between reality and fiction or inventions. “The key is to be inventive about new interesting formats that attract and impact stakeholders, and, above all, that are able to be self- promoted and to acquire prosumers” Graph 1: Company and media Source: Prodigioso Volcan, 2014 My company MC = MM = My media company
- 3. Insights & Trends 3 Brand Journalism: a Value-generating Technique 4. Transparency rather than independence of sources should be emphasized. Credibility is hard to achieve, and more so in the context of scepticism and incredulity that accompany corporate messages. That’s why admitting one’s mistakes, correcting them and explaining one’s behaviour are the actions that make companies appear more human and create trust. 5. Content is more important than relations. Content will serve its purpose only if it has an impact, if it manages to stir interest and draw attention, thus creating an on-going conversation with the stakeholders. 6. While the media are transforming into transmedia, it is important to understand that the media are not as significant as the content and the interlocutors that participate in the communication process In line with all of the above, in order to ensure trans- parency, companies should include both positive and not so favourable aspects of their activity in their communication, making an emphasis on those aspects that make a good impression and a positive influence on different stakeholder groups. Organizations should be able to read the current context and use available opportunities for differ- entiating themselves and growing the value of their intangible assets. In this new panorama, brand jour- nalism caters for some specific interests. However, it is essential for communications professionals to know the benefits and limitations of this technique in order to apply it effectively. It is a highly useful tool, which may successfully be incorporated into the overall communication or brand strategy, making it possible to transform corporate discourse and conversation into a good corporate reputation. “While the mass media industry is going through a severe crisis and deep transformation, new links, alliances and business models are being formed between journalism and brands” Graph 2: Transmedia + Multiformat Source: Prodigioso Volcan, 2014. Transmedia Multiformat
- 4. Leading by reputation ©2015, Corporate Excellence – Centre for Reputation Leadership A foundation established by major companies aiming to excel in the management of intangible assets and facilitate promotion of strong brands with a good reputation and a capacity to compete on the global markets. Our objective is to become the driving force, which would lead and consolidate professional reputation management as a strategic asset, fundamental for building value of companies around the world. Disclaimer This document is a property of Corporate Excellence – Centre for Reputation Leadership developed with an objective to share business knowledge about management of reputation, brand, communication, non-financial indicators and public affairs. Corporate Excellence – Centre for Reputation Leadership is the owner of all rights to the intellectual property related to images, texts, drawings or any other content or elements of this product. Corporate Excellence – Centre for Reputation Leadership is the holder of all necessary permissions for the use of the document and therefore any reproduction, distribution, publishing or modification of the document without its express permission is prohibited.